The Ins And Outs Of Financing Your Hot Tub Purchase

Hot tubs used to be a luxury item, a toy for the rich and the famous out of grasp for the everyday person but these days you’ll find hot tubs in some of the most unsuspecting gardens. Semi-detached and terrace houses will have paradise getaways nestled in any sized backyard space. 

Part of this shift from what was once a luxury to accessible hydrotherapy at home is due to financing. Being able to spread the monthly cost of a hot tub out has allowed more and more people to enjoy the benefits of a spa from the comfort of their own home.

In this blog post we’re going to talk you through how to finance your own luxury hot tub.

Can I get finance for a hot tub?

This all depends on your credit score - this determines if the lender (the company providing the financing) is willing to let you take out finance on a product, how much they’re willing to finance, and the terms of the finance deal. These terms can include interest rates and the period over which the repayments are spread.

Your credit score is determined by your financial activity, such as previous loans, mortgages, repayments, or credit cards.

If you have a high credit score, you are more likely to get approved for finance.

With a lower credit score, you are less likely to get approved, or the terms of the finance available to you will be less favourable than if your credit score were higher.


How do I find out if I have a good credit score?

If you do choose to purchase a hot tub on finance, the retailer will often do a Credit Check to determine your eligibility for finance. If you'd like to check on your own, websites such as Credit Karma, Experian, and ClearScore will all do free credit reports. But they are hard credit checks! 


Two types of credit checks: Hard and Soft

A hard credit check is a full search of your credit history, and leaves a ‘footprint’ on your credit score. Any company checking your credit score in the future will be able to see this hard credit check for up to six months. Too many hard credit checks in a short period could affect your ability to get approved for credit in the future.

Here at Hydropool North West, we are able to do Soft Credit Checks, prior to approving finance for Hot Tubs and Swim Spas. Some retailers may not be able to provide this service - so always check on the type of credit check being performed.

A soft credit check leaves no visible ‘footprint’ and can often let us know if you’d be eligible for finance prior to performing a hard credit check, and will not affect your credit score.


What is the usual deposit for a hot tub?

When you purchase a hot tub on finance you will usually be required to pay a deposit. There is usually a minimum deposit required, depending on the retail price, or type of finance being offered. 

Typical deposits can start from £200, or anywhere between 10-50% of the full retail price of the hot tub.

However, there is no maximum deposit for a hot tub. The larger the deposit paid, the less credit taken out on finance. It can be a personal preference to adjust this according to your monthly repayments, or to bring the term of the finance down.


How much do hot tubs cost on finance?

This can differ from retailer to retailer, and lender to lender. For more information on the types of finance available at Hydropool North West, as well as some examples for our popular models and how much hot tubs cost, check out our finance page.

Typically, you’ll find three types of finance available:

  • 0% APR Representative: Interest free monthly repayments - usually requires a larger deposit. The duration of the repayments is determined by the credit broker at the time of purchase. 
  • Buy Now Pay Later (BNPL): Pay nothing for a number of months, and then pay the full balance at the end of this term. If the full amount is not paid, this usually defaults to interest bearing finance.
  • Interest Bearing Finance: Monthly repayments including interest. The percentage of interest, and duration of the repayments is determined by the credit broker at the time of purchase. 

Choosing which finance option is the right one is down to you, your financial situation, and your plans for the future. For instance, if you’re planning to move home in the near future and leave the hot tub behind, you would likely look at a shorter term, otherwise you’ll be paying monthly for a hot tub at your old address. 

Equally, if you’re planning on having children very soon - you may not want a 9 Months Buy Now Pay Later financing option.


How long will the repayments last?

This will be determined by your individual finance agreement and will be stated clearly to you before any agreement is finalised. However, typical finance options will have terms anywhere between 12-48 months but can be anything up to 120 months.


Understand your credit agreement.

The most important part of finance is ensuring you understand the full terms and conditions of your agreement. Read them carefully, make sure you understand the payments required, and if you have any questions, make sure you ask before you sign the agreement. 


What happens if I cannot pay the monthly Instalments?

Should you not be able to pay your instalments, please contact your finance provider as soon as possible, and make them aware of your situation.

Failure to make payments means you may default on the loan. This can damage your credit score, accrue late fees, or risk repossession of the hot tub and other assets. 

If you are, at any point, confused or worried about any aspect of the finance agreement, get in touch with either your retailer or the company providing your finance. 


To Finance or Not to Finance Your Hot Tub Purchase

Finance has opened the opportunity of owning a hot tub up to the masses, and it’s the route most people take to buying their dream spa. Ultimately, the choice is up to you and is very dependent on your personal circumstances.

Please note, that the above information is guidance only and not financial advice. If you would like further information on buying a Hydropool hot tub on finance from Hydropool North West, why not get in touch? We’d be happy to talk through the options available to you.


Credit is subject to status and affordability. Terms & Conditions Apply. Cabins & Spas Ltd FRN: 621929 Notcutts Garden Centre, Lord Sheldon Way, Ashton-under-Lyne, OL6 7UB trading as Hydropool North West is a credit broker, not the lender and is authorised and regulated by the Financial Conduct Authority. Credit is provided by Novuna Personal Finance, a trading style of Mitsubishi HC Capital UK PLC. Authorised and Regulated by the Financial Conduct Authority. Image Source: Canva